The Coase theorem in tenant protection Otani, Kiyoshi

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Otani, Kiyoshi
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Journal of Economic Behavior & Organization
Tenants; Tenants' rights -- Management; Coase theorem -- Usage
To link to full-text access for this article, visit this link: Byline: Kiyoshi Otani Keywords: Tenant protection; The Coase theorem; Neutrality; Specific investment; Risk aversion Abstract: The Coase theorem has been receiving comments suggesting restraints on its extensive application to real life problems. This paper counters these suggestions and points out the relevance of the theorem for real life problems in its application to tenant protection. In contrast to the general view of the protection, this paper shows the protection, viewed as a realignment of the property rights, to be basically neutral and to be possibly Pareto-improving when the postulates of the theorem are not satisfied. The hold-up problem and risk aversion are invoked to show the latter. Author Affiliation: Institute of Social Sciences, University of Tsukuba, Tsukuba, Ibaraki 305, Japan Article History: Received 12 October 2001; Revised 19 November 2003; Accepted 1 December 2003
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